IGI Logo

Benchmarks were trading higher in afternoon deals led by continued buying by funds and retail investors amid firm trend on other Asian bourses. Sentiment fortified on the back of strong flows from foreign institutional investors (FIIs), who were net buyers of Rs 1,046.32 crore worth of shares on Friday, according to exchange data. Also, in a potential good news for the economy, India's manufacturing sector activity gained momentum in July, hitting an eight-month high driven by a significant uptick in business orders. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index rose from 53.9 in June, to 56.4 in July. On the global front, Asian markets were trading mostly higher as data showed China’s service sector activity continued to expand despite a slowdown in manufacturing. China’s service sector continued to expand through July, albeit at a slower pace. But this still helped offset an unexpected contraction in manufacturing activity.  Back home, on the sectoral front, auto witnessed the maximum gain in trade followed by power and utilities, while healthcare remained the only loser on the BSE sectoral space. The market breadth on the BSE was positive; there were 2183 shares on the gaining side against 1123 shares on the losing side, while 189 shares remain unchanged.  The BSE Sensex is currently trading at 57876.33, up by 306.08 points or 0.53% after trading in a range of 57540.36 and 57977.27. There were 20 stocks advancing against 10 stocks declining on the index.  The broader indices were trading in green; the BSE Mid cap index rose 0.89%, while Small cap index was up by 1.09%.  The top gaining sectoral indices on the BSE were Auto up by 2.48%, Power up by 1.61%, Utilities up by 1.58%, Industrials up by 1.44% and Energy was up by 1.32%, while Healthcare was down by 0.16% was the only losing index on BSE.  The top gainers on the Sensex were Mahindra & Mahindra up by 6.63%, Reliance Industries up by 2.00%, Maruti Suzuki up by 1.80%, ITC up by 1.42% and Power Grid was up by 1.40%. On the flip side, Sun Pharma down by 3.15%, Hindustan Unilever down by 1.59%, Indusind Bank down by 1.40%, Larsen & Toubro down by 0.84% and HDFC was down by 0.66% were the top losers.  Meanwhile, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce has said that Indian pharma exports registered a growth of 8 per cent during the first quarter of the current financial year (Q1FY23) to $6.26 billion, as he hopes for a 10 per cent growth by the end of the fiscal. He also said that pharma exports to European Union and other CIS countries which were hit by the ongoing war in Ukraine and restrictions are expected to improve once the situation becomes normal.  Bhaskar said ‘in the first quarter, our exports recorded 8 per cent growth. We are positive of a growth of 3.6 per cent to the US in the first quarter, where 30 per cent of our exports go. I am optimistic that our exports to EU and CIS (Commonwealth of Independent States) will improve once the situation of Russia-Ukraine war settles. Our exports may be around $27 in FY 22-23.’ He also said India clocked $24.61 billion worth of pharma exports in FY22, registering 1 per cent growth over FY21.  Further, he said COVID-19 vaccine exports stood at 239 million doses to over 100 countries and they continue to grow. Talking on the ongoing Russia-Ukraine war, he said the former is an important country for India and occupies fifth position in terms of pharma exports. He noted that nearly 60 per cent of the overall exports to CIS countries go to Russia and with the war figures are dwindling.  The CNX Nifty is currently trading at 17261.70, up by 103.45 points or 0.60% after trading in a range of 17154.80 and 17286.95. There were 33 stocks advancing against 17 stocks declining on the index.  The top gainers on Nifty were Mahindra & Mahindra up by 6.47%, Tata Motors up by 4.38%, Adani Ports up by 4.36%, Cipla up by 2.64% and Hindalco was up by 2.43%. On the flip side, Sun Pharma down by 3.09%, Hindustan Unilever down by 1.64%, HDFC Life Insurance down by 1.62%, Indusind Bank down by 1.25% and Britannia Inds was down by 1.09% were the top losers.  Asian markets were trading mostly higher; Shanghai Composite gained 6.31 points or 0.19% to 3,259.55, Straits Times advanced 29.26 points or 0.91% to 3,240.82, Nikkei 225 surged 191.71 points or 0.69% to 27,993.35, Jakarta Composite soared 19.76 points or 0.28% to 6,970.88 and KOSPI was up by 1.43 points or 0.06% to 2,452.93.  On the other hand, Hang Seng decreased 6.00 points or 0.03% to 20,150.51 and Taiwan Weighted was down by 18.38 points or 0.12% to 14,981.69.

Above views are of the author and not of the website kindly read disclaimer